BUSINESS BRIEF

Activist admits stakes in U.S. Fannie, Freddie

11/16/2013

NEW YORK — Activist investor Bill Ackman’s company has disclosed stakes in government-controlled mortgage giants Fannie Mae and Freddie Mac.

In regulatory filings on Friday, Pershing Square Capital Management LP said it has a 9.98 percent stake in Fannie and a 9.77 percent stake in Freddie.

Earlier this month Fannie Mae and Freddie Mac reported strong third-quarter earnings as the U.S. housing market continues to recover. The government rescued Fannie and Freddie at the height of the financial crisis in 2008 when both veered toward collapse under the weight of losses on risky mortgages. The gradual recovery of the housing market has made Fannie and Freddie profitable again.